By: Omkar Godbole
- Bitcoin is defending the key 200-day moving average support for the third consecutive day and may see a minor bounce to $8,700.
- A corrective bounce, if any, will likely be short-lived, as the daily and weekly chart indicators are biased bearish. The cryptocurrency will remain on the hunt for a drop to $7,500, as discussed yesterday, as long as the resistance at $9,097 is intact.
- A break above $9,097 is needed to weaken the bearish case. A stronger sign of bearish invalidation would be a move above the weekly chart resistance at $9,533.